ELASTICITY COEFFICIENT FOR ELASTIC DEMAND IS aEQUAL TO 1 bLESS THAN 1 cGREATER THAN 1 dNONE OF THE ABOVE
Question
Solution 1
The elasticity coefficient for elastic demand is cGREATER THAN 1.
Here's why:
Elasticity of demand measures how demand for a product changes in response to a change in price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price.
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